SDI reported record steel shipments of 3.2 million tons in Q3 this year.
SEATTLE (Scrap Monster): Fort Wayne, Indiana-based Steel Dynamics, Inc. (SDI) announced financial results for third quarter 2022.
The company reported net income of $914 million, or $5.03 per diluted share during the quarter. This compares with sequential second quarter 2022 earnings of $6.44 per diluted share. Excluding the impact of the newly started Sinton Texas Flat Roll Steel Mill, the company reported adjusted net income of $992 million, or $5.46 per diluted share in Q3 2022, compared with $6.73 per diluted share during the prior quarter. The net sales stood at $5.7 billion.
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SDI reported record steel shipments of 3.2 million tons in Q3 this year. However, the operating income from steel operations witnessed a decline to $658 million, significantly down by 51% from the sequential quarter, despite record high volumes. The operating income from metals recycling operations declined to $10 million, whereas the steel fabrication operations reported higher operating income of $677 million during Q3 2022, the company press release said.
In the first nine months of the current year, the company reported net income of $3.2 billion, or $17.21 per diluted share and net sales of $17.4 billion.
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